London black cab maker Manganese Bronze has appointed PricewaterhouseCoopers as administrators. The company reported on Tuesday that the accountants aim to find a buyer for the whole business or just for parts of it.

Matthew Hammond, a partner with the firm, said: "We are reviewing the existing financial position to develop a range of options to rescue the business or alternatively dispose of it to an investor that can continue the business to a secure future for the iconic London Black Cab."

Discussions have already started with a number of UK and international companies. But the future of the manufacturer, which has been losing market share to Mercedes Vito taxis, does not look bright.

Manganese Bronze has been making losses for four years due to a combination of poor UK sales, supply chain issues, and high warranty costs. Earlier this month it suspended its shares and recalled 400 taxis due to a steering box defect. A hoped for emergency cash injection from its Chinese partner, Geely, failed to materialise.

Shares closed at 10 pence on 11 October, the last day they traded on the London Stock Exchange, valuing the company at about £3m. The Coventry firm has about 280 employees.